Iron Shore Insurance
Iron Shore Insurance had implemented a business plan for national growth emanating from its New York City headquarters. Savills Studley was hired to strategically execute the plan, which included opening six new offices in a 12-month period. The first office was to be in the Hartford, CT region. Because Iron Shore was recruiting talent from competitors, the process had to be handled with extreme sensitivity.
One reason why Savills Studley was specifically chosen for this assignment was because the brokerage did not have a physical presence in the Connecticut market so no connection could be made between the search for space and the identity of the client. Savills Studley searched several cities around Hartford and organized a building tour without identifying the client.
The result of the search was a five-year, 12,000 square feet lease in space that was previously designed for an insurance operation.
Exactly one year after Iron Shore Insurance moved into its new space, they had outgrown the facility and again turned to Savills Studley to resolve their occupancy needs. Since there was no available office space in their existing building, Savills Studley generated a new search within a five-mile radius of the existing location. Soon thereafter Savills Studley was able to negotiate 15,000 square foot lease which included the built out of new space to Iron Shore’s specifications. In addition, the new landlord gave enough free rent to cover the entire remaining lease obligation of the existing location. Since there was still an opportunity for Iron Shore to sublease their initial office, Savills Studley was retained to find a subtenant. Within 60 days, Savills Studley found a subtenant and 100% of the revenue derived from the sublease incurred to the benefit of Iron Shore.
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